Welcome to the daily DAX commentary where we share with members our unique take on Price Action as the session unfolds. We comment on trade setups that conform to our Trading Edge and how we use the hybrid Blackbox Trade Controller for MT4.
Use the comments section below to post questions and read what others are saying.
Remember to:
- Follow your Trading Plan.
- Practice Visualization Techniques.
- Review and journal your trades at the end of each session.
- And above all else Be The Bear….
Around 3pm I took a look at what had been happening to see that the bulls had continued to push price higher, above the D1 EQZ@11104.0 mentioned earlier today.
Whilst not planning to trade I took a coffee break from coding and liked the look of the break below the H1 Bear Channel. I marked up a short-term KeyZone in white then overlaid the FIB tool as shown. I reasoned if price came back up to test the H1 Bear Channel it was a decent M1+M5 sell MAB.
I entered using the Trade Tool and got a great entry as my 2R target was well above the Lower-Low. This one was counter-trend but worked out perfectly before the bulls reasserted themselves soon after.
This is a great example of how using Grid structure and the Trade Tool we can take micro setups such as these. It was structurally very good!
As I type price is still moving up and is heading towards the D1 EQZ Mid-line@11251.0, see below.
The update is looking good, needs a wee bit more testing then I’ll do a video and release it for use on Monday.
Below is the updated Daily chart, a day great to be in buy mode, some good setups formed based on our edge. The dream ticket is to get on and ride price up on days like these 🙂
I’ve just taken a look to see what happened at the London open and noticed the GZ M1 Buy FIBCON as shown above.
This would have been a challenge to take in real-time!
If point is taken from the PW High (just below Yes High) the Golden Zone falls on the M5 EQZ Zone@10992.6 after a clear impulsive A-B leg. The Role-Reversal was also supportive at this level.
Taking this one in real-time would have been tough as the bear candle was fast moving and taking a buy would have felt counter-intuitive. A case of trusting structure as price came back down off the 11000 level.
If anticipated in time then a Custom Buy Limit would have been the best option at the 10992.6 level.
Price has finally broken up out of the range mentioned yesterday and it’s currently above the key 11000 level, if the bulls can maintain control then the next major target is the Daily EQZ@11104 as shown below.
Today I’m completing the update to integrate the screenshots and the blog today so will not be trading until Monday morning.
Hi All,
I’ve posted a screenshot of how clearly price has interacted with the Daily Equidistant Zones. Today’s bull move up has been from the mid-line at 10956.0 to the mid-line at 11251.0
When you look left you can see this is not a one-off, it shows how powerful this Grid structure is and why it’s vital to have it overlaid on to our charts when trading.
Matt.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/bssdev10/dax30sb_D1_18jan2019_0000_xxxxxxxx_xxx_D1-EQZs.png